Key Points
- Saba Capital Management acquired 9,969 Ellsworth Growth and Income Fund shares at an average price of $11.62, spending $115,839.78 and increasing its position by 0.57% to 1,754,599 shares.
- The fund raised its quarterly dividend from $0.19 to $0.22 per share, equivalent to $0.88 annually and a 7.7% yield based on the reported stock price.
- ECF shares opened at $11.45, within a 12-month range of $10.70 to $13.85, while hedge funds and other institutional investors owned 35.88% of the stock.
Ellsworth Growth and Income Fund Ltd. (NYSEAMERICAN:ECF - Get Free Report) major shareholder Saba Capital Management, L.P. purchased 9,969 shares of the business's stock in a transaction on Thursday, October 15th. The shares were bought at an average cost of $11.62 per share, for a total transaction of $115,839.78. Following the completion of the transaction, the insider directly owned 1,754,599 shares in the company, valued at $20,388,440.38. This trade represents a 0.57% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this link. Large shareholders that own more than 10% of a company's shares are required to disclose their transactions with the SEC.
Saba Capital Management, L.P. also recently made the following trade(s):
- On Wednesday, October 14th, Saba Capital Management, L.P. acquired 56,083 shares of Ellsworth Growth and Income Fund stock. The shares were bought at an average price of $11.74 per share, with a total value of $658,414.42.
- On Monday, October 12th, Saba Capital Management, L.P. acquired 14,600 shares of Ellsworth Growth and Income Fund stock. The stock was bought at an average cost of $12.03 per share, with a total value of $175,638.00.
- On Thursday, October 8th, Saba Capital Management, L.P. acquired 27,937 shares of Ellsworth Growth and Income Fund stock. The stock was bought at an average cost of $11.95 per share, with a total value of $333,847.15.
- On Wednesday, October 7th, Saba Capital Management, L.P. bought 17,548 shares of Ellsworth Growth and Income Fund stock. The stock was bought at an average price of $11.97 per share, for a total transaction of $210,049.56.
- On Friday, September 4th, Saba Capital Management, L.P. bought 6,800 shares of Ellsworth Growth and Income Fund stock. The stock was bought at an average price of $12.36 per share, for a total transaction of $84,048.00.
- On Thursday, September 3rd, Saba Capital Management, L.P. bought 5,000 shares of Ellsworth Growth and Income Fund stock. The shares were bought at an average cost of $12.25 per share, for a total transaction of $61,250.00.
- On Friday, August 28th, Saba Capital Management, L.P. bought 1,200 shares of Ellsworth Growth and Income Fund stock. The shares were bought at an average cost of $12.47 per share, for a total transaction of $14,964.00.
- On Thursday, August 27th, Saba Capital Management, L.P. purchased 3,900 shares of Ellsworth Growth and Income Fund stock. The shares were bought at an average price of $12.49 per share, with a total value of $48,711.00.
- On Friday, August 21st, Saba Capital Management, L.P. purchased 5,742 shares of Ellsworth Growth and Income Fund stock. The stock was bought at an average cost of $12.53 per share, with a total value of $71,947.26.
- On Thursday, August 20th, Saba Capital Management, L.P. purchased 1,547 shares of Ellsworth Growth and Income Fund stock. The stock was bought at an average cost of $12.52 per share, with a total value of $19,368.44.
Ellsworth Growth and Income Fund Stock Performance
Ellsworth Growth and Income Fund stock opened at $11.45 on Tuesday. Ellsworth Growth and Income Fund Ltd. has a 12 month low of $10.70 and a 12 month high of $13.85. The stock's 50 day simple moving average is $12.25 and its two-hundred day simple moving average is $12.51.
Ellsworth Growth and Income Fund Increases Dividend
The company also recently announced a quarterly dividend, which was paid on Wednesday, September 23rd. Stockholders of record on Wednesday, September 16th were issued a dividend of $0.22 per share. This is a positive change from Ellsworth Growth and Income Fund's previous quarterly dividend of $0.19. The ex-dividend date of this dividend was Wednesday, September 16th. This represents a $0.88 annualized dividend and a dividend yield of 7.7%.
Institutional Trading of Ellsworth Growth and Income Fund
A number of hedge funds have recently added to or reduced their stakes in the company. Capstone Investment Advisors LLC purchased a new stake in Ellsworth Growth and Income Fund during the second quarter worth $1,076,000. Evolve Private Wealth LLC acquired a new stake in Ellsworth Growth and Income Fund during the second quarter valued at $875,000. Uhlmann Price Securities LLC increased its holdings in Ellsworth Growth and Income Fund by 1.5% in the first quarter. Uhlmann Price Securities LLC now owns 68,718 shares of the investment management company's stock valued at $766,000 after buying an additional 1,000 shares in the last quarter. Royal Bank of Canada increased its holdings in Ellsworth Growth and Income Fund by 16.8% in the first quarter. Royal Bank of Canada now owns 55,309 shares of the investment management company's stock valued at $617,000 after buying an additional 7,955 shares in the last quarter. Finally, Waverly Advisors LLC increased its holdings in Ellsworth Growth and Income Fund by 3.2% in the first quarter. Waverly Advisors LLC now owns 42,499 shares of the investment management company's stock valued at $474,000 after buying an additional 1,300 shares in the last quarter. 35.88% of the stock is owned by hedge funds and other institutional investors.
About Ellsworth Growth and Income Fund
(
Get Free Report)
Ellsworth Growth and Income Fund, Inc is a closed-end management investment company listed on the NYSE American under the symbol ECF. The fund seeks to provide investors with current income and long-term capital appreciation through a professionally managed portfolio of securities.
The fund invests primarily in convertible securities, including convertible bonds and preferred stocks, as well as common stocks and other income-producing investments. Convertible securities may provide regular income while also offering the potential to participate in the appreciation of the underlying companies' common shares.
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